eXp Realty - Alluring Lifestyle Properties
Alluring Lifestyle Properties
FORECLOSURE SIGN

If you are in Foreclosure We Can Help You

There are things we can do for you and the sooner you begin the more options you will have! In most cases at this point if you have already been served the Notice of Sale time is of the essence. Your Property will normally be sold at auction to the highest bidder coming in at least equal to the the amount owed to the Lender. That means all or most of your equity went to the wind. Let’s get together and go over some options.

Just so You Understand

Contrary to popular belief the typical lender does not want your house. They want the stream of payments that you agreed to when you borrowed money from them. So in reality mortgage lenders are interested in avoiding foreclosing on your home. You have to talk with them.

Alternatives to Foreclosure

Loan Modification

If you have fallen behind, you should consider working out a modification to your loan with your lender. In many instances, the lender will allow you to add missed payments onto the back end of the loan as long as you continue making the remaining mortgage payments as they come due. Other ways to modify your loan include reducing or fixing your interest rate, stretching the loan out over a longer period of tme, or through a forebearance. Again this will involve communicating with you lender.

Repayment Plans

A common approach takes the amount of the arrearage and divides it up into twelve equal parts and repaid over a period of one year. The second method often requires a lump sum paid to the lender in the amount of half the past due amounts, with an increase in your monthly mortgage until the balance is paid in full.

Refinancing

If you are currently in an adjustable rate mortgage, and you have a decent credit score, a good solution for you to consider is refinancing into a fixed rate mortgage. However, be mindful that you may be required to contribute a down payment in order to get into the fixed rate loan. With where the Federal Reserve has us headed now getting out of an adjustable rate mortgage and stopping you foreclosure would be killing two birds with one stone!

There are various loan options if you are in a position to qualify and if you are just not sure of your situation you need to contact JD at Fairway Mortgage right here in Chandler to go over all of your options. Click the button below or just give him a quick call.

FAIRWAY MORTGAGE

JD DOOLIN
Fairway Independent Mortgage
Chandler AZ
866 388 5147

Selling

Selling your home can protect your credit score and with any remaining equity in the home you could even put a large sum of money in a special rent account to keep you sound for a year or two while you re-chart your course. If the lender sells your property at auction they only care about reclaiming to amount due on the loan and any and all of your equity goes to the wind.

If you are in this position and have any equity at all and all of these other options are off the table by now let’s at least sell your property to harvest that equity. We can many times even get your auction date pushed out far enough to get your house sold. We have the Trustee contact info at our fingertips most of the time.

Short Selling

A short sale occurs when a buyer seeks to buy your home for less than what is owed on the mortgage and requires agreement from the lender. However, keep in mind that a short-sale takes a much longer time to complete and may result in 1099 income and results in tax issues. Under certain conditions, this 1099 income can be avoided. You will need an attorney on this one before agreeing to the short-sale. One of the things you are looking for in a short sale is a release of liability from your lender. This release must be in writing and your sales documents must be drafted carefully by your attorney.

Deed in lieu

Here, you essentially agree to give or deed your house back to the lender in return for the lender allowing the loan to be satisfied and releasing the borrower from any further liability on the loan. Be sure to negotiate this essential term in writing with the lender prior to executing the deed.

Bankruptcy

In some instances, bankruptcy can assist in keeping your house. Whether this is possible, and whether it is in the best interests of the homeowner requires that you consult with a knowledgeable attorney if you are considering this option.

FHA

Homeowners with FHA loans have additional remedies available to them. Contact the FHA directly to discuss your options.

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Please tell us a little about what we can do to help you and the best time to call you back. We will get back to you very quickly. Text any time night or day, I will return the message in the day, sometimes sooner if it's urgent.

(602) 471 1281

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It is illegal to discriminate in the sale or rental of housing, including against individuals seeking a mortgage or housing assistance, or in other housing-related activities. The Fair Housing Act prohibits this discrimination because of race, color, national origin, religion, sex, familial status, and disability. A variety of other federal civil rights laws, including Title VI of the Civil Rights Act, Section 504 of the Rehabilitation Act, and the Americans with Disabilities Act, prohibit discrimination in housing and community development programs and activities, particularly those that are assisted with HUD funding. These civil rights laws include obligations such as taking reasonable steps to ensure meaningful access to their programs and activities for persons with limited English proficiency (LEP) and taking appropriate steps to ensure effective communication with individuals with disabilities through the provision of appropriate auxiliary aids and services.

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2022© Arizona Regional Multiple Listing Service, Inc. All rights reserved. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. Information deemed to be reliable but not guaranteed. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Only IDX residential listings are displayed on this site. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify perspective properties consumers may be interested in.

© 2022

Alluring Lifestyle Properties
Ed Long - REALTOR®
Lic. SA699086000
San Tan Valley, AZ

eXp Realty

Chandler Arizona
Broker In Charge:
Cathy Swann
888-897-7821

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